The stablecoin distribution wars aren't being fought between issuers
They're being fought between rails. Whoever controls the settlement layer: the SENs, the FedNow integrations, the onchain liquidity venues, controls which stablecoins get used by default
Issuance is a commodity. Connectivity is the moat. That's what makes rebuilding next generation infrastructure more interesting than launching another dollar token
One of America's largest digital banks is rebuilding settlement infrastructure for the stablecoin era.
@SoFi's Ben Reynolds and Simon Griffin sit down with @CaddleMaya for the debut episode of Mint Condition.
They unpack why SoFi is rebuilding SEN, launching SoFiUSD, and the
When 10% of a market shifts from transactional to productive, the plumbing has to change
Most stablecoin infrastructure was designed for transfer, not yield routing
That gap is where the next layer gets built
Yield-bearing assets (tokenized funds) account for ~10% of the stablecoin market.
Adoption is shifting toward dollars that generate yield, not just facilitate transactions.
Issuers of tokenized funds looking good going forward.
A ratio to follow 👇
Missing challenge #3 @VIhnatiuk: liquidity infrastructure isn't ready for agentic scale
CLAMMs break near peg. CLOBs require per-chain market makers. No standardized routing layer exists yet
Compliance got solved for $3.5B but liquidity fragmentation is the next $3.5B problem
Stablecoins won global adoption.
Every major company is rushing to integrate them in their daily operations.
But what comes after that?
In my latest piece for @TheStreet, I've analyzed the two biggest challenges that the industry will face in the near future.
The non-USD stablecoin opportunity is real, but most people are asking the wrong question.
It's not "which currency gets tokenized next." It's "which infrastructure can handle the liquidity when it does"
Settlement at scale is unforgiving. Latency, depth, composability these aren't nice-to-haves when you're moving institutional flow
Solana led all major chains in stablecoin inflows in 2025, supply more than doubling YoY per @artemis_xyz. That gap widens as the use cases get more serious
The chains that win stablecoin liquidity today write the rails for everything that comes next
99.6% of stablecoins are pegged to the U.S. Dollar.
The global financial system is materially more diversified --> current structure is unlikely to be a long-term equilibrium.
Issuers focused on non-USD currencies --> great opportunity today, given the limited competition.
We went looking for the stablecoins missing from our list and found them
@SG_Forge EURCV
@VNX_Platform VGBP
@BiLira_Kripto TRYB
@idrx_co IDRX
The non-USD stablecoin ecosystem is growing fast
Multinational stablecoins are having their moment
Tagging every major (500M market cap cutoff for USD-backed) stablecoin we could find on @solana, who's missing from this list?
@circle $USDC & $EURC
@tether $USDT
@global_dollar $USDG
@PayPal $PYUSD
@worldlibertyfi $USD1
Check out our latest spec on the eCLOB: Ephemeral Central Limit Order Book
The eCLOB provides cheap price updates for market makers, 100% orderbook transparency for takers, and built on forthcoming Anchor V2
Combining the best of two powerful architectures exclusively on @Solana
Watch the breakdown youtu.be/eMfejVdAhOY
Fourth @colosseum update live and we shipped the orderbook visualization to the market sim page
Watching @finnam0n and @EthanTerrero from @oregonblock bring this to life has been something else
So, when sim levels update, you're not just watching the numbers snap in, you can actually see the book shift in real time
Bids and asks breathing. the market alive
This is what building feels like
youtube.com/watch?v=KXSsQR…
@alex_n_kahn@solana@_DASMAC_ the fact that Solana devs are building assembly-level tooling like Dropset while most L1s are still arguing about execution environments is exactly why the performance gap keeps widening. SBPF is becoming its own ecosystem
Our founder @alex_n_kahn is at @colosseum Build Station in SF
Come chat about the future of on chain order books, hybrid Rust/ASM programming, and maybe grab a whiteboard together
Thanks to organizers for putting on a stellar event
4/ While the Frontier Hackathon is online, we're inviting a select group of founders to build IRL at Colosseum's SF office during the competition.
Approved devs get a desk/monitor + an interview for our next accelerator batch.
SF Build Station | Apply: luma.com/0jak2r3a
New feature drop with Finn Fuji from @oregonblock
Realistic trading bots- Sniper, Whale, Noise, and Retail now live on the DASMAC order book sim
youtube.com/watch?v=8SbOEj…
6K Followers 6K FollowingI will show you how to build financial software on Solana @Quicknode @solanakite ex @solanafndn Disclaimer: https://t.co/e2XSPkPojo
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